New Program Offers Help to Low and Moderate Income Home Buyers
Aug 14, 2019
Residents with a combined household income of $93,800 or less may be eligible for a down payment on the purchase of a home through the Ontario Priorities Housing Initiative (OPHI) Homeownership Program.
The City of Greater Sudbury is administering the program on behalf of the governments of Canada and Ontario to provide eligible applicants with an interest-free 20-year forgivable loan up to a maximum of $29,000. The loan may be used for a 10 per cent down payment on a detached, semi-detached or townhouse unit with a maximum value of $297,383.
Applicants must be current renters in the City of Greater Sudbury and must not own or partly own another home or property. The funding agreement requires successful applicants to maintain the home as their principal residence for a minimum of 20 years to avoid repayment of the loan.
Funding is limited. Applications will be accepted on a first come, first served basis until September 30, 2019 or until funds are fully committed.
More information about the Homeownership Program is available at www.greatersudbury.ca/homeownership or by calling 705-674-4455, extension 4229.